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Life Health > Life Insurance

Executive To Appeal Regulatory Action

By Staff Writer

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The former president of a Missouri insurance company says he will be challenging efforts by Missouri regulators to take away his insurance producer license.

The Missouri Department of Insurance says it has revoked the producer license of Joseph Warden, who was president of Capital Reserve Life Insurance Company, Jefferson City, Mo., from 1999 until 2005.

Warden “misappropriated over $600,000 from Capital Reserve Life by using funds intended to reimburse employees’ medical expenses for personal use,” according to officials with the Missouri department.

“Warden and his wife … submitted false documentation to authorize reimbursement checks totaling over $600,000 for medical services not provided,” officials allege.

Warden, who lives in Ohio, says he never had a chance to present his side of the story, because the Missouri department held a hearing on the matter in October 2007, when he was very sick and unable to travel.

Warden says he does not know about the operations of the Capital Reserve Life medical reimbursement fund but does know the department allegations about his use of the fund are wrong.

“I am without guilt in this whole thing,” Warden says. “The case will be appealed. We have no doubt that I will prevail on appeal.”

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